Kinnevik Results Presentation Deck

GROWTH WAS THE KEY UPWARD DRIVER OF VALUATIONS IN THE QUARTER, WITH SOME INERTIA CAUSED BY THE REVERSAL OF LIQUIDATION PREFERENCES ■ ■ U Q1 2023 Valuations In Q1, an underlying valuation reassessment of 2-3% translates into a fair value write-up of SEK 0.3bn or 1% Driven by a combination of on-plan growth in B2B, slight incremental softness in consumer-facing businesses and stable multiples ■ Public benchmark multiples were up by >15% on average, but by considerably less when excluding a positively volatile value-based care peer set Implied forward revenue multiples for our investees were up by 1% on average (down 1% when excluding value-based care) The aggregate impact from liquidation preferences amounts to SEK 2.9bn at the end of the quarter - down from 3.2bn in Q4, with this "amortization" muting the quarter's write-up slightly Currencies were stable in aggregate, but the Norwegian krona depreciated materially by 6% to its Swedish variety Six funding rounds in the quarter at an average c. 50% premium to our Q4 carrying values (>75% if excluding Spring Health) spanning (5) to >150% Drivers & Parameters 28.8 Q4 2022 Value Drivers Unlisted Assets, Illustrative, Q4 2022 to Q1 2023 (SEKbn) NTM Revenue NTM Revenue Outlook Multiples ■Value-Based Care Virtual Care Cash Burn & Dilution Platforms & Marketplaces Liquidation Preferences & Currencies Software Follow-On Investments Consumer Finance 29.9 Business-facing investees are performing in line with expectations, but incremental conservati eness on multiples, softening expectations on consumer-facing businesses and liquidation preferences hold back this quarter's write-up Q1 2023 Early Bets & New Themes KINNEVIK

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